云南白药通过资本运作增强核心竞争力的实证分析

An Empirical Study of Enhancing Core Competitiveness by Means of Capital Operation

医药产业高风险、高投入、高回报的特点决定了其必须具有高度的产业集中度。资本作为要素市场最活跃的因素,通过资本运作和并购活动,可以促使经济资源流向高效率方向,提高医药产业集中度、资源优化组合及企业核心竞争力。本文以云南白药上市公司为例,说明其通过资产重组、上市筹资及一系列并购活动,提高了企业核心竞争力,保持了较好的盈利业绩及实现企业价值最大化目标。

Pharmaceutical industry is one of industries with the features of the high risks, high input and high return and therefore high industrial concentration. Capital, as the most active factor in the element market, gears the economic resources to efficiency by capital operation and M & A, and therefore improves the concentration, optimizes the resources and strengthens the competitiveness of the pharmaceutical industry. The paper takes for example Yunnan Baiyao, a listing company, to show how Yunnan Baiyao improves its core competitiveness, maintains continuous profits and achievement and reaches its maximum objectives by means of a series of M & A such as capital reconstructing and market capitalization.